10 March 2022

Fly Now Pay Later wanted to introduce a faster, smoother way of evaluating travelers’ credit applications and were looking for a strong partnership to develop its business starting from Germany, but aiming to expand this service to other European countries in the future.

ABOUT FNPL:
Fly Now Pay Later is disrupting the world of travel tech and is on a mission to help global travel businesses increase their sales by allowing their customers a flexible payment option at checkout.
As Europe's only buy now pay later solution specifically for the travel industry, rockstar travel brands are using Fly Now Pay Later every single day to help travelers pay for their trip in up to 12 monthly instalments.
Fly Now Pay Later offers travel loans ranging from $100 to $3000, depending on the credit profile and travel plans. The service is quick and easy to use, and a credit check is performed instantly.
Discover more at https://www.flynowpaylater.com/.

THE MARKET CONTEXT:
Open banking initiatives are developing across the globe, and both established and new lenders are developing digital capabilities, such as credit decisioning based on real-time data available through open banking. These features aim to meet the diverse needs of Consumers and SMEs by offering faster and easier access to flexible lending and financing options, such as: Buy Now Pay Later, personal loans, mortgages, crowdfunding, invoice and cash-flow financing, working capital, leasing, asset finance, and project finance.

THE CHALLENGE:
Fly Now Pay Later wanted to introduce a faster, smoother way of evaluating travelers’ credit applications and were looking for a strong partnership to develop its business starting from Germany, but aiming to expand this service to other European countries in the future.

As part of this challenge, FNPL had the following goals:

  • increase the customer base
  • automate the risk decision evaluation
  • adopt an Open Banking instant application process
  • reduce credit risk
  • reduce time and costs. 

THE SOLUTION:
In order to support the development of the business, Fly Now Pay Later decided to adopt the CRIF Digital Open Banking solution to boost its online application process and improve customer evaluation by adopting:

  • Open Banking Access to Account
  • Categorization Engine
  • Analytics (automated KPI strategy for customer evaluation)
     

When FNPL customers choose a flexible payment option at checkout, they’ll start on the Open Banking Journey, with PSD2 consent and banking authentication. The CRIF Categorization Engine, based on Machine Learning (ML), and Artificial Intelligence (AI) technology combined with a powerful set of analytics will help a great institution like Fly Now Pay Later to leverage the value of data, automating risk decisions, and developing its business toward future growth.